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Good news! Gemini has updated its withdrawal fee structure for users in Singapore. Now, when you withdraw from Gemini to your local bank via Xfers, there’s a fixed transaction fee of $3 SGD. This is a significant change from the previous fee of 0.55% per withdrawal.

The Previous Fee Structure

Previously, the transaction fee was a percentage of the amount withdrawn. For example, when I once withdrew $7,900, the fee was a hefty $43. Ouch! This percentage-based fee made larger withdrawals quite expensive and added a significant cost to using the platform.

The New Flat Fee Model

With the new flat fee of $3 SGD, Singapore customers can now enjoy much lower costs, especially on larger withdrawal amounts. This simplified fee structure makes managing your funds easier and more predictable.

At Gemini, they listen and respond to customer feedback, and this change reflects a frequently requested flat fee structure. It’s part of their ongoing efforts to improve the trading experience for their users.

Future Hopes and Improvements

Of course, moving forward, we hope there will be no transaction fees at all. Absorbing the fees could be an added feature to attract more customers. Gemini is already making significant profits from the spreads on their trading platform, so this could be a feasible step.

Enhancing the Trading Experience

This update is part of Gemini’s broader commitment to enhancing their platform. They offer a wide range of products for buying, selling, and trading cryptocurrencies, with advanced charting tools and various order types. In addition to the spot market, Singapore customers can access the crypto derivatives market through perpetual contracts, including BTC/GUSD, ETH/GUSD, and XRP/GUSD.

Conclusion

This new fee structure is a win for Gemini users in Singapore. By reducing the cost of withdrawals, Gemini is making it easier and more affordable to manage your funds. Make sure your app is updated to access this new feature, and stay tuned for more enhancements to elevate your trading experience.

Good job, Gemini! Let’s hope for even more user-friendly features in the future.

Related links:

How do I withdraw Singapore Dollars from my Gemini account?

Updating Our SGD Withdrawal Fees for Singapore Customers to a Flat Fee Model